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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Financial Instruments [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

	March 31, 2022												December 31, 2021
(in thousands)	Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total
Assets
Cash and cash equivalents:
Cash and money market funds	$	227,251		$	—		$	—		$	227,251		$	327,315		$	—		$	—		$	327,315
Commercial paper		—			143,958			—			143,958			—			133,185			—			133,185
U.S. government & agency securities		—			32,377			—			32,377			—			225			—			225
U.S. Treasury securities		—			24,988			—			24,988			—			—			—			—
Total cash and cash equivalents		227,251			201,323			—			428,574			327,315			133,410			—			460,725
Investments:
Commercial paper		—			141,976			—			141,976			—			187,632			—			187,632
Corporate debt securities		—			5,313			—			5,313			—			8,968			—			8,968
U.S. government & agency securities		—			386,912			—			386,912			—			387,075			—			387,075
Total investments		—			534,201			—			534,201			—			583,675			—			583,675
Short-term restricted cash:
Cash		500			—			—			500			500			—			—			500
Long-term restricted cash:
Cash		4,982			—			—			4,982			4,592			—			—			4,592
Total assets measured at fair value	$	232,733		$	735,524		$	—		$	968,257		$	332,407		$	717,085		$	—		$	1,049,492
Liabilities
Contingent consideration	$	—		$	—		$	168,654		$	168,654		$	—		$	—		$	169,717		$	169,717
Total liabilities measured at fair value	$	—		$	—		$	168,654		$	168,654		$	—		$	—		$	169,717		$	169,717

Changes in the estimated fair value of contingent consideration liabilities [Table Text Block]

(in thousands)		Level 3
Beginning balance as of December 31, 2021	$	169,717
Change in estimated fair value		(1,063)
Ending balance as of March 31, 2022	$	168,654

Summary of Cash, Cash Equivalents and Investments

	As of March 31, 2022
				Gross			Gross
	Amortized			unrealized			unrealized			Fair
(in thousands)	Cost			gains			losses			Value
Cash and cash equivalents:
Cash and money market funds	$	227,251		$	—		$	—		$	227,251
Commercial paper		143,964			2			(8)			143,958
U.S. government & agency securities		32,386			—			(9)			32,377
U.S. Treasury securities		24,989			—			(1)			24,988
Total cash and cash equivalents		428,590			2			(18)			428,574
Investments:
Commercial paper		142,266			1			(291)			141,976
Corporate debt securities		5,322			—			(9)			5,313
U.S. government & agency securities		390,682			7			(3,777)			386,912
Total investments		538,270			8			(4,077)			534,201
Total cash, cash equivalents and investments	$	966,860		$	10		$	(4,095)		$	962,775
Short-term restricted cash:
Cash	$	500		$	—		$	—		$	500
Long-term restricted cash:
Cash	$	4,982		$	—		$	—		$	4,982
	As of December 31, 2021
				Gross			Gross
	Amortized			unrealized			unrealized			Fair
(in thousands)	Cost			gains			losses			Value
Cash and cash equivalents:
Cash and money market funds	$	327,316		$	—		$	—		$	327,316
Commercial paper		133,190			—			(5)			133,185
U.S. government & agency securities		225			—			—			224
Total cash and cash equivalents		460,731			—			(5)			460,725
Investments:
Commercial paper		187,705			—			(73)			187,632
Corporate debt securities		8,964			9			(5)			8,968
U.S. government & agency securities		388,088			1			(1,014)			387,075
Total investments		584,757			10			(1,092)			583,675
Total cash, cash equivalents and investments	$	1,045,488		$	10		$	(1,097)		$	1,044,400
Short-term restricted cash:
Cash	$	500		$	—		$	—		$	500
Long-term restricted cash:
Cash	$	4,592		$	—		$	—		$	4,592

Summary of Contractual Maturities of Cash Equivalents and Available-for-Sale Investments

(in thousands)	Fair Value
Due in one year or less	$	651,213
Due after one year through five years		84,311
Total investments	$	735,524

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